To view the PDF file, sign up for a MySharenet subscription.

GPL - Grand Parade Investments Limited - Voluntary Announcement: Acquisition by

Release Date: 30/11/2010 09:46
Code(s): GPL
Wrap Text

GPL - Grand Parade Investments Limited - Voluntary Announcement: Acquisition by GPI of the Route Operator Business of Playmeter Leisure Services (Pty) Ltd ("Playmeter") as a going concern Grand Parade Investments Limited (Incorporated in the Republic of South Africa) (Registration number: 1997/003548/06) Share code: GPL ISIN: ZAE000119814 ("GPI" or "the company") VOLUNTARY ANNOUNCEMENT: ACQUISITION BY GPI OF THE ROUTE OPERATOR BUSINESS OF PLAYMETER LEISURE SERVICES (PTY) LTD ("PLAYMETER") AS A GOING CONCERN The board of GPI is pleased to announce that the wholly owned group subsidiary, Thuo Gaming Gauteng (Pty) Ltd ("Thuo GG"), has concluded a binding sale of business agreement (subject to the fulfillment or waiver, as the case may be, of certain conditions precedent including the approval of the Gauteng Gambling Board ("GGB")) ("the Agreement") with Route Operator Playmeter ("the acquisition"). In terms of the Agreement, Thuo GG will acquire the assets and contracts of Playmeter`s route operator business, including the Route Operator and Site licences. The purchase consideration will be settled primarily through the issue of GPI ordinary shares and the small balance thereof be settled in cash. Full details of the purchase consideration and the method of payment thereof will be disclosed once regulatory approvals for the acquisition have been obtained. A portion of the ordinary shares will be issued to certain suitably qualified BEE vendors who will be subject to a lock-in agreement restricting the tradability of these shares until June 2012 Playmeter`s route operator business consists of 62 Limited Payout Machines ("LPMs") across 16 sites in Gauteng and has approval from the GGB to roll-out an additional 10 LPMs at 2 new sites, with various other applications pending approval by the GGB. The Route Operator licence will provide Thuo GG with the ability to operate up to 1000 LPMs in the Gauteng region. The acquisition as contemplated above does not constitute a transaction for JSE categorisation purposes nor is it a related party transaction and accordingly this announcement is made on a voluntary basis. 30 November 2010 Cape Town Sponsor - PSG Capital (Pty) Ltd Corporate Advisor - Leaf Capital (Pty) Ltd Legal Advisors - Bernadt Vukic Potash & Getz Attorneys Date: 30/11/2010 09:46:01 Supplied by www.sharenet.co.za Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.

Share This Story